Private equity firm Apollo Global Management LLC has amassed a 6 percent stake i...
- Private equity firm Apollo Global Management LLC has amassed a 6 percent stake in Clearway Energy Inc, a renewable energy producer whose shares were hit after one of its customers filed for bankruptcy, people familiar with the matter said on Friday.
PG&E filed for bankruptcy on Jan. 29, citing mounting liabilities, including the possibility its equipment set off the deadly Camp Fire, which destroyed the Northern California town of Paradise and killed 86 people. Credit ratings agencies have downgraded several renewable energy projects with significant revenue exposure to PG&E in the aftermath of its bankruptcy filing, including Topaz Solar Farms, owned by Warren Buffett’s Berkshire Hathaway Inc, and Genesis Solar Farm, developed by NextEra Energy.
Were this to happen, Apollo believes PG&E’s contract to Clearway would pay in full, at 100 cents on the dollar, the sources said. Clearway currently has an equity cushion of $9 billion, a rare occurrence for a company in bankruptcy.
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